High-Temperature Epoxy Market Forecast and CAGR
According to the latest research by Fact.MR, epoxy market is set to witness steady growth during 2021-2031. Demand for these epoxies will witness steady recovery in the short term, with an optimistic growth outlook in the long run. These epoxies has application in so many industries and they can be used in so many purposes like coating, adhesive purpose and others the demand for these epoxies is expected to see a growth in projected period of the report.
What Factors will Influence the Demand for High-Temperature Epoxies?
The demand for high-temperature epoxies has been rising in recent years due to their properties such as, they can help in retaining mechanical properties at a very high temperature and they are also used for improving resistance to acid solvents and bases.
They are also being used for their high adhesiveness at a very high temperature and they can maintain mechanical properties in wet conditions as well. Under higher temperature, these epoxies have minimal shrinkage.
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Due to these properties, high-temperature epoxies have can be used for various purpose and have many applications. Some of the application of these epoxies are in the coating, construction industry, composites and adhesives.
For coating purpose, these epoxies are used in the chemical industry for water pipes and the packaging of metals. These are also used in the coating of marine infrastructures and the automotive sector for anti-rusting.
Impact of Covid-19 on High-Temperature Epoxy Market
Due to the Covid-19 virus, the high-temperature epoxy market took a hit because of the hold in manufacturing and lockdowns in many countries. Furthermore, multiple countries are yet to recover from the economic slowdown and the high temperature epoxy market has experienced a similar ripple effect in demand from these countries.
But with the ease in lockdown and almost all industries like vehicle coating industry, mechanical equipment’s and components which require high-temperature epoxies are back at its full manufacturing strength, the industry of these epoxies is about to see a rise in demand in the next quarter of the year.
United States of America High-Temperature Epoxy Market Demand Outlook and comparison with European Countries
Followed by China, the United States of America has the biggest share of High-temperature epoxies. The country’s coating industry is accounted for a huge share of the epoxy market, as the coating industry is seeing a rise in demand for high-temperature epoxy during the past years. The Electrical & electronics industry also contributes significantly to the epoxy demand in the country.
Compared to the US market of high temperature epoxy, the European countries like United Kingdom, Germany, France, Spain, Italy and other the demand of high temperature epoxy is not that huge and the overall sales is expected to remain comparatively moderate as compared to US.
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Asia Pacific High-Temperature Epoxy Market Outlook
Asia is the biggest region for the high-temperature epoxy market. Among all the Asian countries, China has the largest share in the high-temperature epoxies industry. Many of the industries that require high-temperature epoxies are based in China, industries such as car manufacturing industries, water pipe industries and others play a significant role in the demand for epoxies.
In India also these epoxies have a significant role. Because of the government initiated program such as ‘Make in India’ many foreign investors are investing in manufacturing sectors in India and the manufacturing sector is growing with a rapid pace and due to that the demand for epoxies is expected to rise in upcoming years.
Other Asian countries like Japan and Indonesia has seen a significant rise in these epoxies market in recent years as rubber industry is booming in Indonesia the requirement for these epoxies is rising with that. In japan also many manufacturers use these epoxies for maintain their heavy machine which are used in wet conditions.
Who are the Key Manufacturers and Suppliers of High-Temperature Epoxy?
Some of the leading manufacturers and suppliers of high-temperature epoxy include
- BASF SE
- 3M Company
- Evonik Industries
- The Dow Chemical Company
- Chang Chun Plastic Company Ltd
- Aditya Birla Chemicals
- Jiangsu Sanmu Group
- Cukdo Chemical
- Nan Ya Plastic Corporation
- Huntsman Corporation
- DIC corporations and others.
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